London, Jan 30, 2026, 08:43 GMT — Regular session
- Shares of Anglo American fell 3.3% in early trade in London
- Copper slides almost 3% off Thursday’s record high as investors cash in gains
- Upcoming triggers include the U.S. Fed chair announcement and Anglo’s production report set for Feb. 5
Anglo American (AAL.L) shares slipped in early London trading Friday, as miners took a hit following a stumble in copper’s rally. By 0834 GMT, the stock had dropped 3.3% to 3,384 pence, after fluctuating between 3,412 and 3,373 pence. (Davy Group)
This shift is crucial since metals have driven much of the gains for major miners, but sentiment has swung sharply from pushing prices up to locking in profits. Anglo, being one of the most liquid copper plays in London, tends to move sharply when copper prices shift.
Copper slipped on Friday, with the three-month contract on the London Metal Exchange dropping 2.8% to $13,278.50 a ton following Thursday’s rally. ING Economics attributed the pullback to a “broader shift into risk-off positioning,” as investors pulled back from riskier bets. Still, they noted support from expectations of a weaker dollar and tight supply-demand fundamentals. (The Economic Times)
The pullback came after a volatile session the day before, with LME copper soaring 11% to a record $14,527.50 before shedding part of those gains. Neil Welsh of Britannia Global Markets attributed the surge to “intense speculative trading” and wagers on increased spending in power infrastructure and data centres. (Reuters)
Anglo closed Thursday at 3,500 pence, gaining 0.7% on the session, tightening the margin for error as base metals slipped once more. (Reuters)
Precious metals took a hit, underscoring the cautious mood in commodities. StoneX senior analyst Matt Simpson noted that “rumours that Kevin Warsh will replace Jerome Powell as Fed Chair have weighed on gold.” KCM’s Tim Waterer added that a stronger dollar and overbought conditions also pressured prices. (Reuters)
Supply concerns remain front and center. On Thursday, Glencore reported that its copper output for 2025 is down 11%, blaming lower ore grades and water restrictions at the Collahuasi mine in Chile, a joint venture with Anglo American. (Reuters)
Investors are closely tracking the regulatory timeline for Anglo’s proposed merger with Canada’s Teck Resources, which would form the world’s fifth-largest copper producer. EU regulators are expected to rule on the deal by Feb. 10. Additionally, a separate probe under the bloc’s Foreign Subsidies Regulation must wrap up by Feb. 3, according to a European Commission filing. (Reuters)
Bulls face a risk as copper’s rally begins to appear crowded. Should the dollar continue its rebound, or if Chinese physical demand remains behind the futures market, miners might struggle into next week.
Traders are focused on the White House’s announcement about the next Federal Reserve chair, expected Friday. For Anglo, the next key date is its Q4 2025 production update on Feb. 5, offering investors new insights on volumes, costs, and potential shifts in deal timing. (Angloamerican)
